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DAM Finance Launches new Omnichain Stablecoin on Testnet


thenewscrypto.com 02 December 2022 13:07, UTC
Reading time: ~2 m

  • Initially, DAM will be launched on Polkadot-based Moonbeam.
  • D20’s teleportation primitive enables the safe and flawless transfer of d20.

DAM Finance, also known as DAM, has evolved in its attempts to create a decentralized omnichain stablecoin solution to safely address the liquidity issues that the larger decentralized finance (DeFi) ecosystem is now experiencing. Also, the DAM Finance team has launched the Moonwalkers v1 testnet as part of ongoing initiatives.

Moonwalkers v1 testnet provided the groundwork for DAM’s innovative ideas. DAM will launch its solutions on the mainnet after the testnet phase enabling support for a greater range of assets besides stablecoins like yield-generating collateral.

Harrison Comfort, Co-founder of DAM stated;

d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.

How the Testnet Will Work?

DAM is a decentralized omnichain protocol, hence the Moonwalker v1 testnet has been set up on both the Moonbase Alpha and the Goerli Testnet for Ethereum. However, initially, DAM will be launched on Polkadot-based Moonbeam, an EVM-compatible chain, and Ethereum.

Participants of the DAM community can test the platform’s decentralized omnichain stablecoin d20 and its teleportation primitive, dReservoir, through this testnet. In addition, D20’s teleportation primitive enables the safe and flawless transfer of d20 across networks, assisting in the creation of liquidity for well-known digital assets.

Further, users can download the DAM app to mint d20 by using existing stablecoins like USDC and teleport d20 from Goerli Testnet to Moonbase Alpha. Even they can burn d20 to get their USDC once the users have the gas token which is needed to use the testnet platform.

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